Chit fund fraudster held in Bangalore

Vijayawada, Aug 26 (INN): The Vijayawada police on Friday informed that the Bangalore police have arrested Proprietor of Vijaya Krishna Chit Funds, who duped hundreds of people in Vijayawada to the tune of Rs 50 crore.

According to police, Nageswara Rao collected amounts in the range of Rs 10,000 to Rs 2 lakh from several depositors by assuring them to give high interests. However, the depositors grew suspicious when the office shutters remained closed and no one from the management was answering the phone calls.

The police said they are making efforts to bring Nageswara Rao to Vijayawada by contacting the Bangalore police. They said the Bangalore police arrested Nageswara Rao based on his phone calls to local people from signal towers.

Police said several traders, particularly from Vysya community, had reportedly invested huge amounts in the firm as Nageswara Rao had been paying their interests promptly for the past two decades.